Gold prices today: Yellow metal gains, may see selling pressure at higher levels

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Spot gold rose on March 16 after the Fed signalled that there might be uncertainty in economic activities because of the Russia-Ukraine war.

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"Gold rose on Thursday due to short covering... as it was corrected by more than 7 percent in last 6 days from the high of $2070.20 per ounce levels," Anuj Gupta, VP-Research at IIFL Securities.

As per technical analysis, gold and silver charts were showing some profit booking and it may continue in bullions at higher side, said Amit khare, AVP- Research Commodities, Ganganagar Commodity Limited.

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"Momentum indicator RSI also indicating the same in hourly as well as daily chart, so risky traders are advised to create fresh short positions near given resistance levels," he added.

"April Gold closing price (March 16) is Rs 51,147, Support 1 - Rs 51,000, Support 2 - Rs 50,700, Resistance 1 - Rs 51,600, Resistance 2 - Rs 51,800. May silver closing price is Rs 67,304, Support 1 - Rs 67,000, Support 2 - Rs 66,400, Resistance 1 - Rs 68,200, Resistance 2 - Rs 69,300."

The US treasury yields hit higher as Fed increased the interest rate for the first time after three years, making gold less attractive for the investors.

"Gold may see some selling pressure this week with an immediate support near Rs 50700 levels," said Ravi Singh, Vice-President and Head of Research at ShareIndia.

Singh recommends:

Buy Zone Above - Rs 51400 for the target of Rs 51,600

Sell Zone Below - Rs 51,000 for the target of Rs 50,700